First Bitcoin (BIT) Market Cap Hits $0.00

Irving Hamilton
August 11, 2018

Bitcoin is now struggling to keep its head above the $7,000 watermark, following a bad weekend which saw the world's number one cryptocurrency, in terms of market cap, shed about 10 billion in value in just a couple of days. It is now down 3.85% in the last 24 hours. The increase in trading volume, however, hasn't stopped the cryptocurrency prices from recording losses.

Bitcoin core (BTC) prices at the moment are around $6481 per BTC and the cryptocurrency's market valuation today is $111B. This comes after Bitcoin touched an all-time high of around $20,000 in December a year ago, only to fall into a slump as 2018 progressed, dropping to below $6,000 in June.

Cryptocurrencies are dropping in value once again yesterday as most of the top digital assets are down between (9-18 %) during the last 24 hours. The market has been expecting SEC decision on Bitcoin ETF this month but the commission shifted it to September. If negative prices continue, there will be longer pitstops between $6,300 and $5,900 as there is solid support in this region.

Over the past one week, the Bitcoin price has shaded 14% of its value. One Bitcoin File coin can now be bought for $0.0171 or 0.00000241 BTC on popular cryptocurrency exchanges including Gate.io and Huobi. Many are putting blame on the SEC's decision to postpone an approval (or denial) of the last and strongest contender for a Bitcoin ETF.

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Bitcoin price trimmed most of its last week gains and broke the $7,200 support against the US Dollar. The price per XRP is United States dollars 0.36. Rather it is in a constant dynamic state of evolution, this is not something to inspire fear within the new investor but rather to aid the new investor with hope, no matter how the markets are now performing, there is one thing that can be held in absolute certainty. It was suggested that if the bears break the $7,048 price level, the BTC price would fall either to the low of $6,500 or $6,000.

SEC leaders have publicly labeled bitcoin as a commodity and in June made it clear that cryptocurrencies would not be treated like securities, which offers a peek at how the agency might seek to regulate them.

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